Indicators in overbought zone. Possible short.

Nucor Corporation (NYSE:NUE)

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NYSE:NUE Nucor Corporation

Historically after indicators reaches highlighted zones correction begin, but in case of suez canal and global demand - continuation is also possible.
On weekly chart RSI is also overbought.
Keep watching.

Komentarz:

One should also notice that in monthly chart there is also space to growth to ATH.
This stock was in consolidation from 1994 to 2014. The same period for it happens at this time - it is in consolidation from 2008 to 2020.
After it reaches ATH correction or break is possible.
If it breaks and retest/correction and or super-cycle in commodities begins, than possible longterm growth. Last time it was about 300% in 4 years.

Not a financial advice, just an observation.

Komentarz:

The price is consolidating in symmetrical triangle. Both direction are possible.

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